Section 75-9-704 - Security interest unperfected before effective date

A security interest that is enforceable immediately before January 1, 2002 but which would be subordinate to the rights of a person that becomes a lien creditor at that time:(1) Remains an enforceable security interest for one (1) year after January 1, 2002;(2) Remains enforceable thereafter if the security interest becomes enforceable under Section 75-9-203 on January 1, 2002 or within one (1) year thereafter; and(3) Becomes perfected: (A) Without further action, on January 1, 2002 if the applicable requirements for perfection under this act are satisfied before or at that time; or(B) When the applicable requirements for perfection are satisfied if the requirements are satisfied after that time. Laws, 2001, ch. 495, § 1, eff. 1/1/2002.